Intellectual property (IP) allows people to own their creativity and innovation in the same way that they can own physical property.  The owner of IP can control and be rewarded for its use; this encourages further innovation and creativity. The Patent Office is responsible for Intellectual Property in the UK.

The main types of Intellectual Property are:

Copyright	Designs
Patents	Trade Marks

Innovation and New Products

Innovation – the successful exploitation of new ideas – incorporating new technologies, design and best practice is the key business process that enables UK businesses to compete effectively in the global environment.

In 2004 over a quarter of South Hams businesses said their company had recently launched a new product or service; however only a small proportion of this innovation would result in a patent. [Source: Business Survey 2004].

Research & Development

Research and development plays an important role in the innovation process. It results in the technology that brings new products and services to the market place. Innovation results in high quality jobs, successful businesses, better goods and services and more efficient processes